Want to know what might bring the Chinese economy to its knees? Join me down the rabbit hole.
Masterworks just sold this Basquiat for $8m
Masterworks just sold 006 by Jean-Michel Basquiat for $8 million.
This is their 23rd exit, but their first ever Basquiat exit, and it delivered their second-largest payout to date.
Over 2,000 investors are getting a payout this week. Masterworks has distributed back more than $60 million in total proceeds across 15,000+ payouts.
📰 Market Headlines
Inflation took a May vacation, with the CPI cooling more than expected, prompting the Fed to hold rates and slash rate-cut forecast.
The Consumer Price Index rose 3.3% annually, down from April's 3.4%.
This is still notably higher than the Fed’s target rate of 2.0%
Regardless, the S&P 500 and Nasdaq soared to fresh records, rising 0.9% and 1.5%, respectively; The Dow slipped 0.1%.
Samsung unveiled advanced chipmaking technology to attract AI chipmakers, predicting a fivefold customer increase by 2028.
WeWork emerged from bankruptcy, shedding $4 billion in debt and naming John Santora as CEO.
🕶️ Market Vibes
🎰 Market Forecasts and Futures
😱 Fear and Greed Index
🎤 What you said last time
Better luck next month.
🧠 What do you think?
Former President Donald Trump dove into a previously unexplored but essential question the other day.
Where do you stand on this key issue?
Would you rather be eaten by a shark or electrocuted by a boat’s battery?
📊 Stocks
Get $20 free shares at public.com using code ALTSCO.
Winners and losers
Earnings, upgrades, and acquisitions
Broadcom beat Q2 earnings and announced a 10-1 stock split; shares surged 12%.
Vera Bradley missed Q1 sales estimates, plummeting shares 18%.
Dave & Buster's dropped 10% after reporting a Q1 revenue fall of 1.5%.
Market movers
FDA issued draft guidance for its new Platform Technology Designation Program to expedite drug development.
SpaceX engineers sued Elon Musk, alleging sexual harassment and a hostile work environment.
MediaTek announced it is developing an AI PC chip to challenge Qualcomm's Windows on Arm dominance.
Ford announced 1,600 job cuts, with 600 permanent layoffs and 1,000 potential rehires.
FedEx plans to cut up to 2,000 European jobs in 18 months as part of a $4 billion cost reduction plan.
Ideas, trends, and analysis
Amtrak is on track to break 2024 ridership records, surpassing 2019's 32.3 million passengers.
US cities invested $6.7 billion from the American Rescue Plan in housing, focusing on homelessness and affordability.
IEA predicted an 8 million bpd oil surplus by 2030, with demand peaking at 106 million bpd.
Mortgage rates dipped last week, boosting total applications by 16%, with refinancing up 28% and purchases up 9%.
Over 60% of US drivers are open to speed limiters in new cars, an Insurance Institute for Highway Safety study found.
🌍 Global Perspectives
🇬🇷 Greece shut down the Acropolis Hill, suspended schools, and deployed medics across Athens due to the first summer heatwave.
🇺🇦 Ukrainian officials reported a daytime missile attack on the city of Kryvyi Rih, killing 8 and injuring 20.
🇪🇺 The EU announced plans to impose additional tariffs of up to 38% on electric vehicles imported from China.
🇷🇺🇨🇺 A Russian navy frigate and nuclear-powered submarine arrived in Havana.
🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦 BRICS nations emitted 1.98 billion tons of CO2 in Q1 2024, nearly 500 million tons more than the rest of the world combined.
📊 Crypto
Zimbabwe launched a study to map and regulate its crypto industry.
Tether's CEO unveiled a new class of digital assets in a $1 billion investment plan.
Daily Ethereum NFT traders fell below 4,000 for the first time since June 2021.
Crypto airdrops have distributed $4 billion this year, with more expected in 2024.
Bitcoin ended a two-day slide as cooling inflation fueled bets on a Fed rate cut this year.
🧠 Errata
A 98-year-old WWII veteran became the oldest organ donor in American history.
Car insurance companies secretly use apps like Life360, MyRadar, and GasBuddy to hike your rates.
The UK's self-proclaimed "cannabis martyr" was jailed again for opening weed cafes.
Denmark recalled three varieties of "fire chicken" instant ramen for being too spicy. [Ed: These guys used to be Vikings?]
📺 What to Watch Today
I have an idea for Sean Evans.
That’s all for today. Did I miss anything? Smash the reply button to let me know.
Cheers,
Wyatt
